The RenoFi Renovation Index

Finding the right type of financing for your renovation project can be confusing. We get that.

Renovating your home can be a great way to breathe new life into it and add some value, but every project costs money, so it’s important to know that you’re going to be able to recoup some of the costs.

But how does the cost of renovation differ around the country, and which are the projects that will see you reap the greatest returns?

The cities with the greatest renovation returns

Looking at the average prices to carry out 22 different common renovation projects in over 100 cities around the United States, as well as the average resale value on those projects, here are the places where you’ll get the most bang for your buck when it comes to DIY.

Ocala, Florida

Average project cost

$39,113

Average resale value

$42,263

Average cost recouped 108.1%

The only city where the average project was actually worth more in resale value than the cost to carry out was in Ocala, Florida, where the average project cost around $39,000, but with a resale value of over $42,000 and it’s perhaps no coincidence that Ocala was also the second-cheapest city for renovations.

Roanoke, Virginia

Average project cost

$38,700

Average resale value

$36,553

Average cost recouped 94.5%

Roanoke, in Virginia’s Blue Ridge Mountains, came in second, and similarly to Ocala, it was actually the cheapest city when it comes to renovation, with an average project cost of $38,700. With an average resale value of $36,553, that means that renovations in the commercial and cultural center of Southwest Virginia will recoup 94.5%.

Greensboro, North Carolina

Average project cost

$39,946

Average resale value

$34,455

Average cost recouped 86.3%

Each of the top three cities with the highest returns were located in the South Atlantic region, rounded off by Greensboro, North Carolina. Again, it was a city where renovations were at the cheaper end of the spectrum at $39,946, which equates to a return rate of 86.3%. Greensboro is the third-most populated city in North Carolina and is part of the Piedmont Triad area.

The RenoFi Renovation Index

By city By Project

Rank	City	Average project cost	Average resale value	Average cost recouped
1	Ocala, Florida	$39,113	$42,263	108.1%
2	Roanoke, Virgina	$38,700	$36,553	94.5%
3	Greensboro, North Carolina	$39,946	$34,455	86.3%
4	Albany, New York	$45,466	$37,467	82.4%
5	Buffalo, New York	$45,023	$36,277	80.6%
6	Cleveland, Ohio	$45,762	$34,663	75.8%
7	Honolulu, Hawaii	$53,637	$39,814	74.2%
8	Cincinnati, Ohio	$43,595	$31,102	71.3%
9	Denver, Colorado	$43,537	$30,957	71.1%
10	San Francisco, California	$59,044	$41,819	70.8%
11	Worcester, Massachusetts	$47,471	$33,553	70.7%
12	New Orleans, Louisiana	$42,293	$29,428	69.6%
13	Portland, Maine	$40,994	$27,807	67.8%
14	San Diego, California	$52,927	$35,874	67.8%
15	Los Angeles, California	$53,866	$36,336	67.5%
16	Reno, Nevada	$47,743	$31,647	66.3%
17	Portland, Oregon	$45,505	$30,079	66.1%
18	Seattle, Washington	$52,208	$34,319	65.7%
19	San Jose, California	$57,382	$36,842	64.2%
20	Oklahoma City, Oklahoma	$40,104	$25,653	64.0%
21	Ventura, California	$53,043	$33,703	63.5%
22	Savannah, Georgia	$41,950	$26,306	62.7%
23	Austin, Texas	$41,424	$25,910	62.6%
24	Fort Collins, Colorado	$42,748	$26,427	61.8%
25	Springfield, Massachusetts	$43,054	$26,464	61.5%
26	Phoenix, Arizona	$42,417	$25,930	61.1%
27	Madison, Wisconsin	$44,912	$27,391	61.0%
28	Charlotte, North Carolina	$41,188	$25,099	60.9%
29	Boulder, Colorado	$43,126	$26,269	60.9%
30	Indianapolis, Indiana	$43,294	$26,295	60.7%
31	Lafayette, Louisiana	$41,109	$24,788	60.3%
32	Louisville, Kentucky	$41,474	$24,765	59.7%
33	Columbus, Ohio	$43,367	$25,886	59.7%
34	Port St. Lucie	$41,301	$24,300	58.8%
35	Fort Wayne, Indiana	$41,942	$24,617	58.7%
36	Milwaukee, Wisconsin	$46,329	$27,125	58.6%
37	Tampa, Florida	$41,882	$24,466	58.4%
38	Colorado Springs, Colorado	$43,264	$25,008	57.8%
39	Salinas, California	$48,358	$27,624	57.1%
40	Washington, D.C.	$45,061	$25,120	55.8%
41	Pittsburgh, Pennsylvania	$44,082	$24,504	55.6%
42	Allentown, Pennsylvania	$44,120	$24,319	55.1%
43	Sarasota, Florida	$41,463	$22,848	55.1%
44	Riverside, California	$49,812	$27,444	55.1%
45	Houston, Texas	$40,979	$22,370	54.6%
46	Harrisburg, Pennsylvania	$43,017	$23,410	54.4%
47	Orlando, Florida	$40,830	$21,965	53.8%
48	Des Moines, Iowa	$43,032	$23,095	53.7%
49	New York City, New York	$60,559	$32,275	53.3%
50	Miami, Florida	$41,822	$22,104	52.9%
51	Nashville, Tennessee	$42,143	$22,238	52.8%
52	Grand Rapids, Michigan	$41,505	$21,896	52.8%
53	Albuquerque, New Mexico	$41,987	$22,036	52.5%
54	New Haven, Connecticut	$48,559	$25,229	52.0%
55	Charleston, South Carolina	$42,662	$22,052	51.7%
56	Durham, North Carolina	$40,907	$21,065	51.5%
57	Spokane, Washington	$43,424	$22,295	51.3%
58	Boston, Massachusetts	$56,135	$28,777	51.3%
59	Fort Myers, Florida	$40,414	$20,708	51.2%
60	Raleigh, North Carolina	$39,950	$20,465	51.2%
61	Manchester, New Hampshire	$44,184	$22,584	51.1%
62	Chicago, Illinois	$55,919	$28,443	50.9%
63	Boise, Idaho	$40,128	$20,304	50.6%
64	Pensacola, Florida	$39,447	$19,928	50.5%
65	Dallas, Texas	$42,157	$21,125	50.1%
66	Stockton, California	$48,661	$24,107	49.5%
67	Jackson, Mississippi	$40,152	$19,664	49.0%
68	Kansas City, Missouri	$46,366	$22,651	48.9%
69	Knoxville, Tennessee	$39,787	$19,410	48.8%
70	Santa Rosa, California	$53,007	$25,854	48.8%
71	Sacramento, California	$52,034	$25,348	48.7%
72	St. Louis, Missouri	$45,937	$22,268	48.5%
73	Atlanta, Georgia	$44,325	$21,402	48.3%
74	Virginia Beach, Virginia	$41,617	$19,707	47.4%
75	Richmond, Virginia	$40,769	$19,250	47.2%
76	Detroit, Michigan	$47,692	$22,467	47.1%
77	Providence, Rhode Island	$48,525	$22,741	46.9%
78	San Antonio, Texas	$39,366	$18,358	46.6%
79	El Paso, Texas	$40,292	$18,631	46.2%
80	Minneapolis, Minnesota	$50,966	$23,554	46.2%
81	Tucson, Arizona	$40,751	$18,675	45.8%
82	Youngstown, Ohio	$43,712	$19,906	45.5%
83	Wichita, Kansas	$40,354	$18,333	45.4%
84	Fresno, California	$48,563	$21,542	44.4%
85	Hartford, Connecticut	$48,245	$21,351	44.3%
86	Philadelphia, Pennsylvania	$49,648	$21,748	43.8%
87	Baltimore, Maryland	$44,998	$19,570	43.5%
88	Salt Lake City, Utah	$41,882	$18,019	43.0%
89	Syracuse, New York	$43,663	$18,773	43.0%
90	Rochester, New York	$44,008	$18,768	42.7%
91	Winston-Salem, North Carolina	$39,542	$16,424	41.5%
92	Las Vegas, Nevada	$48,279	$19,703	40.8%
93	Lansing, Michigan	$47,013	$19,125	40.7%
94	Bridgeport, Connecticut	$47,253	$18,932	40.1%
95	Daytona Beach, Florida	$40,642	$16,115	39.7%
96	Anchorage, Alaska	$52,432	$20,543	39.2%
97	Trenton, New Jersey	$50,981	$19,389	38.0%
98	Ann Arbor, Michigan	$47,969	$18,085	37.7%
99	Provo, Utah	$40,676	$14,664	36.1%
100	Omaha, Nebraska	$42,159	$12,369	29.3%
101	Greenville, South Carolina	$41,286	$12,099	29.3%

Rank	Project	Average project cost	Average resale value	Average cost recouped
1	Manufactured Stone Veneer	$9,357	$8,943	95.6%
2	Garage Door Replacement	$3,695	$3,491	94.5%
3	Minor Kitchen Remodel (Mid-Range)	$23,452	$18,206	77.6%
4	Siding Replacement (Fiber-Cement)	$17,008	$13,195	77.6%
5	Siding Replacement (Vinyl)	$14,359	$10,731	74.7%
6	Window Replacement (Vinyl)	$17,641	$12,761	72.3%
7	Deck Addition (Wood)	$14,360	$10,355	72.1%
8	Window Replacement (Wood)	$21,495	$14,804	68.9%
9	Entry Door Replacement (Steel)	$1,881	$1,294	68.8%
10	Deck Addition (Composite)	$19,856	$13,257	66.8%
11	Roofing Replacement (Asphalt Shingles)	$24,700	$16,287	65.9%
12	Bath Remodel (Mid-Range)	$21,377	$13,688	64.0%
13	Bath Remodel (Universal Design)	$34,643	$21,463	62.0%
14	Roofing Replacement (Metal)	$40,318	$24,682	61.2%
15	Major Kitchen Remodel (Mid-Range)	$68,490	$40,127	58.6%
16	Master Suite Addition (Mid-Range)	$136,739	$80,029	58.5%
17	Bath Remodel (Upscale)	$67,106	$37,995	56.6%
18	Bathroom Addition (Upscale)	$91,287	$49,961	54.7%
19	Bathroom Addition (Mid-Range)	$49,598	$26,807	54.0%
20	Major Kitchen Remodel (Upscale)	$135,547	$72,993	53.9%
21	Grand Entrance (Fiberglass)	$9,254	$4,930	53.3%
22	Master Suite Addition (Upscale)	$282,062	$145,486	51.6%

The renovation projects with the greatest returns

So, if you’re considering carrying out some long overdue work on your own home, which are the projects that will see you recoup the most of your investment?

Manufactured stone veneer

Average project cost

$9,357

Average resale value

$8,943

Average cost recouped 95.6%

The project which recouped the greatest amount of its costs was the installation of manufactured stone veneer, costing an average of $9,357 to fit, but with a resale value of $8,943. This material looks just like real natural stone, but at around a quarter of the weight, and can easily be adhered to most wall surfaces, making a great option for not just exterior walls, just also accent walls, fireplace surrounds, and more.

Garage door replacement

Average project cost

$3,695

Average resale value

$3,491

Average cost recouped 94.5%

As was the case when it came to the different cities around the US, it was often the cheaper projects which have the greatest return. That was the case when it comes to garage door replacements, which cost an average of $3,695, with a 94.5% return of $3,491. Garage doors can become old and worn over time, and as one of the first things that people see, can leave a bad impression. On top of this, they can also start to get stuck and become difficult to open, or even let in cold air, so it’s good to know that a replacement will result in a strong resale value.

Minor kitchen remodel

Average project cost

$23,452

Average resale value

$18,206

Average cost recouped 77.6%

The kitchen is the heart of the home, so if it’s feeling dated and not fit for purpose, then a remodel might be in order. However, it was actually a minor remodel than a major overhaul which recouped the greater cost, with an average cost of $23,452 for a remodel of mid-range quality, and an average resale value of $18,206 meaning just over 75% recouped. A minor kitchen remodel generally means leaving some of the existing foundations of the kitchen the same, while replacing others, or maybe refreshing them with a lick of paint, as opposed to ripping out the whole room and starting from the ground up.

Methodology

All figures sourced from Remodeling’s 2020 Cost vs Value report, taking averages of the cost of all projects in each city.

Note that we took individual averages of similar projects (such as minor and major kitchen remodels) before taking an average for each city.

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The RenoFi Renovation Index

How does the cost of renovating compare around the US and which projects give the best returns?

The cities with the greatest renovation returns

Ocala, Florida

Roanoke, Virginia

Greensboro, North Carolina

The RenoFi Renovation Index

The renovation projects with the greatest returns

Manufactured stone veneer

Garage door replacement

Minor kitchen remodel

Methodology